Forum Replies Created
Thanks
Still in School and Diclem
Value your opinions so will chase up [
]Sorting out finances etc etc at the moment before purchasing again, all’s looking good
MERRY CHRISTMAS
REDWING
“The man that thinks at 5o as he did when he was 20 has wasted 30 years of his life”
hi Redwing,
I saw the same show, the developer and his bimbo[
][][] ‘Thats the one’ DiclemREDWING
“The man that thinks at 5o as he did when he was 20 has wasted 30 years of his life”
showmethemoney
On night shift at the moment, log on every so often and catch up on the forum ( it moves pretty fast ) finding it ‘very’ informative and keeps me thinking and awake
Also check on my commsec site and a few other sites, enjoy property though, it’s always done well for me, recently spoke to my mortgage broker and have some $$ i can play with again. waiting for valuations on other properties to come in from the agents, so just looking at my options [
][][^]REDWING
“The man that thinks at 5o as he did when he was 20 has wasted 30 years of his life”
Thanks S.M.T.M
After a while on this forum I’ve got “lots” to talk to my accountant about, or find a accountant with an active interest in property investing.
My base wage guaranteed 39hrs p/wk but usually winds up more, with extra shifts, overtime and with people being sick etc ( Christmas seems to be a very bad time for this, or their sisters, friends, neighbours, kids, cat dies – so they can’t come to work)
‘Not’ intending to sell in the near future, do they make the booklet 16 pages to put you off ?? [
]An extra $40-100 or whatever off the loan each payday would save many $$ in the long run [
]REDWING
“The man that thinks at 5o as he did when he was 20 has wasted 30 years of his life”
Saw the TT show
With auctions is there a 3 day cooling off period or similar ?
i watched a show on Hot Property where the winning bidder ‘dropped’ his bid once he got inside with the agent and owner.. p#*@+d the owner off ‘big-time’ thought he was going to have a fit ! the bidder was a property developer, so i presume he knew the game.
Auctions huh too many [}
][}][}] and a [:0)] or two[:0)]REDWING
“The man that thinks at 5o as he did when he was 20 has wasted 30 years of his life”
Diclem
Great info. The local girl story you talked of- when did she renovate?
Is this how it goes:
Settle property, get dep. schedule, rent for a year or so, renovate, get another dep.scheduleThe local girl ( believe she was featured on Today Tonight as well as in The West Australian Newspaper) wasn’t renovating, my main point of the story was the value of using a proffesional depreciator, her story and the fact she used and recommended DEPPRO put me onto them.
She worked in a real estate Office and the principal of the company was her mentor ( we should all be so lucky ) The fact that at her age she was looking at her 4-5th property interested and motivated me.
As soon as your settle, get depreciation schedule done. Then renovate (whenever, immediately if you like), and get another schedule done.
You can then ‘write off’ what was there before, and start depreciating what is there now. As far as I’m aware, you do not have to wait – it’s not like the ‘is it a repair or improvement’ scenario.
As Melbear ( the wise) pointed out if you have to renovate, get the deppreciation schedule done ‘first’ and write off what was previously there, my accountant prefers to play it safe and i’d probally wait before i renovated, but, it’s all up to the condition of the property and it’s rental ability..
i was always told that ( for example) you shouldn’t paint a property immediately after purchase as the ATO considered that you were ‘improving’ the property not just keeping it in the condition in which you purchased it, and to ‘wait a reasonable amount of time’ before you painted..
however as minimogulsaid if the property was vacant and in need of repair, or renovation, to make it an attractive rental property, then i’d get the depreciation schedule done first.. THE WAITING PART is to play it safe with the ATO i believe, another consideration is no-one wants to do major renovations when your tenants are already in.. yes mini.. it’s all relative [
]Don’t forget.. with units you can also depreciate a portion of the common areas [
]My accountant told me they can’t just claim the depreciation on your building as they previously used to, just in case you get audited, you now need to get a Professional company in to do the depreciation schedule..and it’s a one off cost for the life of the property as your IP
REDWING
Glad i read the post to the end..
i have heard that you can claim the interest also ‘building within 12 months’ being the criteria though [
]Great to see some accountants on the site !
as i’m sure we’d all appreciate some advice on different scenarios, and to those accountants out there !! anything that you can think of to help out.. please post.. cheers
REDWING
“The man that thinks at 5o as he did when he was 20 has wasted 30 years of his life”
Glad i read the post to the end..
i have heard that you can claim the interest also ‘building within 12 months’ being the criteria though [
]Great to see some accountants on the site !
as i’m sure we’d all appreciate some advice on different scenarios, and to those accountants out there !! anything that you can think of to help out.. please post.. cheers
REDWING
“The man that thinks at 5o as he did when he was 20 has wasted 30 years of his life”
Monyet
i had a friend who had a 4 bedroom house and for a few years he rented the 3 spare rooms at $100 p/wk, he later found out taLKING TO HIS ACCOUNTANT HE WOULD’VE BEEN BETTER OFF ‘DECLARING’ THIS INCOME (oops ‘hit caps lock )[:0)] Anyway, he would’ve been able to claim 3/4’s of interest on the house loan yada yada, but realise this ‘does’ affect your PPOR when you sell ( CGT to some extent applies i believe)
agree with terryw re the 50%, but also… talk to your accountant and plan ahead for your 2003-04 tax return [
]REDWING
Hey Wizzzard [
]saw ‘something’ about Moora in one of my my ‘search and purchase hunts’.. sorry no help, thought about it but all i knew about Moora was that a ST Pats schoolmate used to go there!
Geraldton’s even a distant memory now- still remember those cold winds, smelly seaweed, and catfish in the shallows down at the beach. We used to walk down froom St Pats across the railway yards (gone now) and swim out to get crayfish [
][]Wish i took more notice of the suburbs.. damn
went to three springs once.. yep forgotten that place too.. damn
my memory’s not as good as it use… hey, nice shirt, who are you[:0)][:0)]
REDWING
Sorry..late night its 03:11AM“The man that thinks at 5o as he did when he was 20 has wasted 30 years of his life”
Riffraff
Try and contact DEPPRO (Depreciation professionals)they have an office in every state i believe, i’ve used them and had no complaints [
]Tax depreciation is a benefit to the purchaser- not the builder, developer or the selling agent, and is calculated on both the purchase and construction price of the property.
irrelevant of the age of the property there still exhists an allowance on either the building or the plant content.Common areas can also be depreciated !
To ‘save’ $ have them do it in may ‘just’ before the end of the financial year , that way you get the cost of it back quicker.
It’s worth doing the depreciation aspect $$$ [
]REDWING
thinking of doing a depreciation post now hmmmm“The man that thinks at 5o as he did when he was 20 has wasted 30 years of his life”
NOT HAVE IT MONITORED.. THEN WHY BOTHER ??
how many times have you gone “running’ to a house or a car whose alarm was going off, to lend assistance ? it’s like a security camera.. unless it’s monitored it’s worthless, you just get a movie of a guy in a balaclava stealing stuff!!
I’d offer a monitored system on a house worth installing it in, or in a area a bit rough, for peace of mind for the tenant ( and to ‘accquire’ that tenant.. none of us want our stuff pinched)and charge slightly more, but that’s just me [
]REDWING
“The man that thinks at 5o as he did when he was 20 has wasted 30 years of his life”
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